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Day: March 6, 2019
March 62019
Canadian Dollar Falls After Dovish BoC Rate Decision and Statement
The Canadian dollar today fell drastically against its US counterpart following the Bank of Canada‘s dovish interest rate decision. The USD/CAD currency pair today rallied to new 2-month highs following the BoC’s cautious statement in the early North American session. The USD/CAD currency pair today rallied from a low of 1.3351 to a high of 1.3458 in the aftermath of the BoC rate decision. The currency pair today traded in a tight range throughout the Asian session […]
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March 62019
Chinese Yuan Weakens As State Stimulus, Bearish Forecasts Revealed
The Chinese yuan is weakening against several major currency rivals midweek. As the federal government unveiled its multi-layered stimulus to boost the economy, new forecasts show that economists believe growth could plunge to 2% in the next decade, but not before growing 6% this year. China unveiled a major tax cut package on Tuesday, opening the annual session of the nationâs parliament. Warning that the country faces âa tough struggle,â […]
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March 62019
Australian Dollar Tumbles After GDP Misses Expectations
The Australian dollar sank versus other most-traded currencies today as Australia’s economic growth missed expectations, leading to speculations that the central bank may cut interest rates later this year. The Australian Bureau of Statistics reported that gross domestic product rose 0.2% in the December quarter from the previous three months on a seasonally adjusted basis. That is a slowdown from the previous quarter’s rate of growth of 0.3%. Analysts had […]
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March 62019
EUR/USD Volatile After US Macro Releases, Decides to Go Upside
EUR/USD was volatile after macroeconomic releases in the United States but ultimately decided to go upside. That is not surprising as basically all of US indicators released today were disappointing. ADP employment rose by 183k from January to February, slightly less than markets had expected — 190k. The previous month’s already substantial increase got a huge positive revision from 213k to 300k. (Event A on the chart.) US trade […]
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